{"id":32847,"date":"2023-07-30T09:14:26","date_gmt":"2023-07-30T09:14:26","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-to-boost-reserves-as-buffer-against-economic-shocks"},"modified":"2023-07-30T09:54:50","modified_gmt":"2023-07-30T09:54:50","slug":"mauritius-to-boost-reserves-as-buffer-against-economic-shocks","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-to-boost-reserves-as-buffer-against-economic-shocks","title":{"rendered":"Mauritius To Boost Reserves as Buffer Against Economic Shocks"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Mauritius\u2019s central bank plans to purchase foreign currency in the domestic market to boost its reserves and provide a stronger buffer against external shocks.<\/p>\n

The target is to reach $8 billion by June next year and then raise its holdings to $10 billion over time, Bank of Mauritius Governor Harvesh Seegolam said, provided there is no other market upheaval.<\/p>\n

International reserves stood at $6.67 billion in June compared with a high of $8.56 billion in December 2021, data from the Port Louis-based Bank of Mauritius show.<\/p>\n

\u201cThe objective for us is to have more months of import cover that gives the country more buffers,\u201d Seegolam said in an interview on Wednesday.<\/p>\n

\u201cWe were able to walk through the very difficult years of Covid because of the buffers that we had. Now is the time\u201d to rebuild them, he said.<\/p>\n

The move signals a change in direction from the sale of foreign-currency aimed at stabilizing the domestic market because of the drop in capital inflows and tourist revenue into the Indian Ocean island nation caused by the pandemic-related slump.<\/p>\n

Inflows picked up \u201csignificantly\u201d in 2023, Seegolam said, boosted by income from tourism. The central bank injected only $50 million into the market in the first half of the year compared with $489 million for the same period in 2022.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Mauritius\u2019s central bank plans to purchase foreign currency in the domestic market to boost its reserves and provide a stronger buffer against external shocks. The target is to reach $8 billion by June next year and then raise its holdings to $10 billion over time, Bank of Mauritius Governor Harvesh Seegolam said, […]<\/p>\n","protected":false},"author":84,"featured_media":32846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[233,245,373,241],"class_list":["post-32847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-mauritius","tag-bank","tag-mauritius"],"yoast_head":"\nMauritius To Boost Reserves as Buffer Against Economic Shocks - Mauritius<\/title>\n<meta name=\"description\" content=\"Mauritius\u2019s central bank plans to purchase foreign currency in the domestic market to boost its reserves and provide a s ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-to-boost-reserves-as-buffer-against-economic-shocks\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mauritius To Boost Reserves as Buffer Against Economic Shocks\" \/>\n<meta property=\"og:description\" content=\"Mauritius\u2019s central bank plans to purchase foreign currency in the domestic market to boost its reserves and provide a s ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-to-boost-reserves-as-buffer-against-economic-shocks\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-30T09:14:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-30T09:54:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2023\/07\/sm_1690698217.6841.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"620\" \/>\n\t<meta property=\"og:image:height\" content=\"349\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-to-boost-reserves-as-buffer-against-economic-shocks#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-to-boost-reserves-as-buffer-against-economic-shocks\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mauritius To Boost Reserves as Buffer Against Economic Shocks\",\"datePublished\":\"2023-07-30T09:14:26+00:00\",\"dateModified\":\"2023-07-30T09:54:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-to-boost-reserves-as-buffer-against-economic-shocks\"},\"wordCount\":231,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-to-boost-reserves-as-buffer-against-economic-shocks#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2023\/07\/sm_1690698217.6841.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mauritius\",\"Bank\",\"Mauritius\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-to-boost-reserves-as-buffer-against-economic-shocks#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-to-boost-reserves-as-buffer-against-economic-shocks\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-to-boost-reserves-as-buffer-against-economic-shocks\",\"name\":\"Mauritius To Boost Reserves as Buffer Against Economic Shocks - 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